The legislation, known as the Genius Act, moves to the House, where passage is viewed in Washington as likely, before Trump’s desk.

The GENIUS Act establishes the first federal framework for dollar-pegged stablecoins, granting sweeping authority to the Department of Treasury and opening the door to banks, fintechs, and retailers.

The U.S. Senate on Tuesday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry.